Reps Invite PenCom, PTAD Over Failure to Pay Pensioners

Image

By Aduragbemi Omiyale

The Director-General of the National Pension Commission (PenCom) and the Executive Secretary of the Pension Transitional Arrangement Directorate (PTAD) have been asked to explain to the House of Representatives Committees on Pension and Public Service Matters why they have failed to pay federal civil service retirees their pensions for nine months.

This directive was given to the officials after a lawmaker from Edo State, Mr Sergius Ose-Ogun, moved a motion on the matter on the floor of the lower chamber of the National Assembly in Abuja on Tuesday.

Also to appear before the panels are the Head of Service (HoS) of the federation and the Accountant-General of the Federation (AGoF).

Presiding over the plenary today, the Speaker of the House of Reps, Mr Femi Gbajabiamila, directed the teams to investigate the alleged non-payment of pension to the retirees by PTAD within four weeks and report back to the lower parliament with their findings.

While moving his motion today, Mr Ose-Ogun described as “unacceptable” the claims by PTAD that the non-payment was caused by technological glitches, specifically from the AGoF and the Government Integrated Financial Management System (GIFMIS).

According to him, the failure of the agency to pay pensioners’ monthly pensions and gratuities under the “Defined Benefits Scheme for the said period of nine months…amounts “to gross incompetence and ineffectiveness” as Section 32(b) of the Pension Reform Act Cap P4 Laws of the Federation of Nigeria, 2004 saddles PTAD with the responsibility of carrying out functions aimed at ensuring the welfare of pensioners.

He said emphasised that Section 14(2) (b) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) provides that the security and welfare of the people of Nigeria shall be the primary purpose of government.

He used the opportunity for the House to look into the matter based on Section 88 (1) and (2) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), which empowers the National Assembly to conduct investigations into the activities of any authority executing or administering laws made by the National Assembly.

Share
Related Stories
Image
20-February-2024

Group Urges Tinubu, NNPC, Others to End Gas Flaring in Ubeji Community

By Modupe Gbadeyanka President Bola Tinubu has been charged to put an end to gas flaring in Ubeji, a community in the Warri South Local Government Area of Delta State. This call was made by a group of Non-Governmental Organisations (NGOs) and media professionals comprising the Social and Economic Justice Advocacy (SEJA), Web of Support Youth Development Program Nigeria, and Advisors Reports.Com. In a statement on Tuesday in Lagos, the consortium also appealed to the Nigerian National Petroleum Company (NNPC) Limited to do everything within its power to save the inhabitants of the sleepy satellite community located around the Warri

Image
21-February-2024

Foundation Urges Nigerians to Adopt Waste Management Hierarchy

By Aduragbemi Omiyale A recycling organisation, Turn Plastic Recycling Foundation, has encouraged Nigerians to embrace the waste management hierarchy to make the country a zero-waste society. The Project Manager for the firm, Mr Leo Nwofa, while giving a summary of the project journey in the past two years of the foundation, said to save the planet, people must adopt the system of proper waste disposal for recycling after use. The waste management hierarchy gives top priority to waste prevention, followed by reuse, recycling, recovery and finally disposal. Speaking at an event to mark the second anniversary of Turn Plastic Recycling

More Stories
Image
20-April-2023

Transcorp Confirms Acquisition of 5.52% Stake by Otedola

By Dipo Olowookere Transcorp Plc has confirmed that billionaire businessman, Mr Femi Otedola, has acquired a 5.52 per cent stake in the company, making him the single largest shareholder of the conglomerate. In a notice filed to the Nigerian Exchange (NGX) Limited, the firm disclosed that the chairman of Geregu Power Plc now has a total of 2,245,639,251 units of the company’s stocks. Earlier, after it was reported that Mr Otedola has invested in the company, which also has his friend, Mr Tony Elumelu, as a key shareholder, Transcorp said it was yet to be officially informed of the development.

Image
03-October-2018

Nigerian Firm, 9 Others Pitch at MasterCard Connecting Tomorrow Forum

By Dipo Olowookere Leading technology company in the global payments industry, MasterCard, recently welcomed 10 start-ups to its Start Path programme at the MasterCard Connecting Tomorrow Forum. The event, which held in Barcelona, Spain, is part of its efforts to drive the startup ecosystem. MasterCard Start Path is the company’s global initiative to provide start-ups with the operational support and commercial access needed to scale. The programme brings together a global network of innovators, ranging from start-ups to banks and merchants, to shape the future of commerce in an agile and accelerated manner. Start Path evaluates roughly 1,600 applications per

Image
29-May-2017

Switzerland Returns €3.5m Stolen Assets to Tunisia

By Modupe Gbadeyanka About €3.5 million stolen assets have been transferred to Tunisia by Switzerland in response to a request for mutual legal assistance. The final destination of these assets will depend on the proceedings currently under way in Tunisia. Acting on a request for mutual legal assistance from Tunisia, on May 26, 2017 the Office of the Attorney General of Switzerland ordered the transfer of an additional amount of approximately €3.5 million. The assets had been frozen in Switzerland in connection with a close relative of the former president of Tunisia, and are being transferred to the current Tunisian

Image
29-July-2022

Nigeria, WHO Develop Action Plan to Eliminate Deadly Noma Disease

By Adedapo Adesanya Nigeria and the World Health Organisation (WHO) are seeking to eliminate a severe and often lethal mouth disease, Noma. Nigeria has developed and implemented the programme’s national action plan for Noma prevention and control in collaboration with WHO and other partners. The Nigerian Ministry of Health has integrated Noma into its existing surveillance system and incorporated it into the curricula of all national and district health professional schools, while the country now commemorates an annual National Noma Day in November each year. Funding from WHO, as well as Médecins Sans Frontières (MSF), has also helped the Ministry

Image
06-January-2017

Buhari Okays 2016 Fiscal Policy Measures

By Modupe Gbadeyanka The implementation of the 2016 Fiscal Policy Measures which is made up of the Supplementary Protection Measures together with the ECOWAS CET 2015 – 2019 effective from October 17, 2016 has been approved by President Muhammadu Buhari. This was disclosed in a circular signed by the Minister of Finance, Mrs Kemi Adeosun. According to Mrs Adeosun, the approved Supplementary Protection Measures in line with the provision of the ECOWAS CET comprises an Import Adjustment Tax list with additional taxes on 173 tariff lines of the extant ECOWAS CET; a National list consisting of 91 items with reduced

Image
26-May-2022

CBN Strikes Against Inflation Menace

By Lukman Otunuga In a move that caught investors completely off guard on Tuesday, the Central Bank of Nigeria (CBN) raised its benchmark interest rates for the first in almost 6 years to tame inflation. Given Nigeria’s fragile economic recovery and steps taken to achieve normality post-Covid-19, this decision from the CBN was unexpected – even as other central banks across the globe hiked rates. The monetary policy committee’s decision to raise rates by 150 basis points to 13% comes after the European Central Bank heightened expectations overtaking action in July and September. On paper, a rate hike could limit

Image
15-March-2020

Lagos Gives Haulage Vehicles Ultimatum to Meet VIS Standard

By Adedapo Adesanya  The Lagos State government has issued a six weeks ultimatum to trucks and other haulage vehicles to get necessary documents and ensure that they are road worthy condition to avoid punishment. The decision was reached at a stakeholder’s meeting with owners of trucks and articulated vehicles in Lagos on Friday. The Director, Vehicle Inspection Service, (VIS), Mr Akin George Fashola, said that there was an agreement among participants that a period of six weeks be given all stakeholders involved in haulage movement to revalidate their documentation and put their vehicles in a proper working condition, and that

Ad
Ad
Recent Stories
Image
22-February-2024

NPPAN Targets $10bn Contribution to Nigeria’s GDP via Palm Biomass

By Adedapo Adesanya The federal government will sign a Memorandum of Understanding (MoU) with the Malaysian government to develop palm biomass in the country as part of efforts to utilise one of the undertapped farm produces in the country. Mr Alphosus Inyang, President of the National Palm Produce Association of Nigeria (NPPAN), made this disclosure, saying palm biomass is a multi-billion dollar economy. “Biomass simply means agricultural waste and we are talking about turning waste into wealth,’’ he said in an interview with the News Agency of Nigeria (NAN) on Wednesday in Abuja. The president said NPPAN was working with

Image
22-February-2024

Salesforce Introduces Clean Energy Programme Management

By Modupe Gbadeyanka A new solution to help electric, gas, and water utilities increase customer participation in clean energy programmes has been introduced by Salesforce. The initiative known as Clean Energy Programme Management for Energy & Utilities Cloud streamlines the launch, management, and oversight of energy efficiency, conservation, electrification, and EV charging programs. It helps utilities manage clean energy initiatives with connected data — like energy usage and billing information — and personalised engagement to promote relevant programmes. This platform also digitises and simplifies the application process for customers, participating contractors, and utility program staff to help increase clean energy

Image
22-February-2024

Dangote Sugar to Borrow N50bn from Commercial Paper Sales

By Aduragbemi Omiyale The management of Dangote Sugar Refinery Plc is requesting about N50 billion from capital market investors for its short-term working capital and funding requirements. The sugar miller will get the funds from investors through the sale of commercial papers and has promised to repay in about nine months’ time. The CP sales will be conducted under its N150 billion commercial paper issuance programme approved by the regulatory authorities. It is the first series the company is selling this time and it specifically has a tenor of 266 days with a discount rate of 15.92 per cent and

Image
22-February-2024

NASD Unlisted Security Index Depreciates by 0.77%

By Adedapo Adesanya A 0.77 per cent loss was suffered by the NASD Over-the-Counter (OTC) Securities Exchange on Wednesday, February 21 following profit-taking in three stocks. Aradel Holdings Plc went down by N49.50 during the session to close at N2,476.50 per share versus the previous day’s N2,526.00 per share, Central Securities Clearing System (CSCS) Plc depreciated by 37 Kobo to end the day at N19.63 per unit compared with Tueday’s closing price of N20.00 per unit, and FrieslandCampina Wamco Nigeria Plc deflated by 7 Kobo to settle at N74.43 per share, in contrast to the N74.50 per share it traded

Image
22-February-2024

Naira Appreciates at Official Market, Falls at Black Market

By Adedapo Adesanya The Naira appreciated against the United States Dollar in the official market and the and the peer-to-peer (P2P) windows of the foreign exchange (FX) market but depreciated in the parallel market on Wednesday, February 21 as several scare tactics to ease the weakening local currency continues. In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the domestic currency gained 0.6 per cent or N8.66 on the greenback to close at N1,542.58/$1 compared with the previous day’s N1,551.24/$1. However, the Naira maintained stability against the Pound Sterling and the Euro in the spot market in the midweek session at

Image
22-February-2024

Crude Oil Jumps as Geopolitical Tensions Persist

By Adedapo Adesanya Crude oil appreciated on Wednesday as geopolitical tensions continued in the Middle East and traders assessed signs of near-term supply tightness. Brent crude was up by 69 cents or 0.8 per cent to $83.03 a barrel while the US West Texas Intermediate (WTI) crude jumped by 87 cents or 1.1 per cent to settle at $77.91 per barrel. Houthi attacks on commercial vessels in the Red Sea and Bab al-Mandab strait have continued to stoke concerns over freight flows through the critical waterway. The Iran-aligned Yemeni Houthis have carried out repeated drone and missile strikes since November in

Image
22-February-2024

Investors Recover N165bn as FBN Holdings, BUA Cement, Others Gain

By Dipo Olowookere The bulls recaptured the Nigerian Exchange (NGX) Limited on Wednesday after the bears dominated for two straight days as a result of panic selling due to the macroeconomic environment, especially with the poor performance of the Naira in the foreign exchange (FX) market. During the midweek session, the local bourse finished higher by 0.30 per cent on renewed bargain-hunting activities by investors. This raised the market capitalisation of the domestic exchange by N165 billion to N55.464 trillion from N55.299 trillion, as the All-Share Index (ASI) grew by 301.71 points to 101,362.38 points from 101,060.67 points. Business Post

Image
21-February-2024

Tinubu Appoints Kemi Nanna Nandap as Comptroller-General of Immigration

By Modupe Gbadeyanka The Deputy Comptroller-General (DCG) of the Nigeria Immigration Service (NIS), Ms Kemi Nanna Nandap, has been elevated to the post of the Comptroller-General of the agency. This followed her appointment by President Bola Tinubu, according to a statement issued by his spokesman, Mr Ajuri Ngelale, on Wednesday. The presidential aide disclosed in the statement today that the appointment of Ms Nandap will take effect from Friday, March 1, 2024. She is taking over from Mrs Caroline Wura-Ola Adepoju, whose term in office expires on February 29, 2024, the disclosure said. “President Bola Tinubu has approved the appointment

Image
21-February-2024

AFC to Pump $40m Into African Medical Centre of Excellence Abuja

By Adedapo Adesanya  African instrumental infrastructure solutions provider, Africa Finance Corporation (AFC), has signed an equity investment term sheet, pledging up to $40 million towards the construction of an Abuja-based hospital, the African Medical Centre of Excellence (AMCE). The quaternary-level multi-specialty medical institution developed by the African Export-Import Bank (Afreximbank) in collaboration with King’s College Hospital, London, aims to revolutionise healthcare in Africa. Hospitals across West Africa struggle with funding, lack of essential resources, and limited access in rural areas. This flagship facility in Abuja is a key part of Afreximbank’s network of healthcare facilities, actively countering brain drain, reducing

Image
21-February-2024

Oyo Reopens Shri-Balaji After Closure Over Pollution

By Aduragbemi Omiyale The industrial company sealed earlier this month nonconformity and adherence to environmental laws of Oyo State, Shri-Balaji Industries Limited, has been reopened. The facility was unsealed on Wednesday on the directive of the Commissioner for Environment and Natural Resource, Mr Abdulmojeed Mogbonjubola. The company, which engages in the recycling of waste tyres to produce Pyrolysis oil and carbon black and steel wire as by-products, was closed by the state government to protect the lives of residents of the area. A statement made available to Business Post disclosed that for it to be reopened, Shri-Balaji paid a fine